https://www.taxtmi.com/caselaws?id=84472 The court upheld the use of the residual method (Rule 8) for valuation of imported goods due to unavailability of market prices. It approved the authority's best judgment assessment based on price lists from TELCO, finding no error in their procedure. Penalties imposed on M/s. Sunny Enterprises were deemed inappropriate as it is not a legal entity, with individual penalties imposed instead. The court clarified that confiscation cannot be ordered twice under different clauses, reducing penalties and clarifying redemption fine amounts. en-us Tue, 17 Oct 1995 00:00:00 +0530 Fri, 22 Jul 2011 11:46:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84472 The court upheld the use of the residual method (Rule 8) for valuation of imported goods due to unavailability of market prices. It approved the authority's best judgment assessment based on price lists from TELCO, finding no error in their procedure. Penalties imposed on M/s. Sunny Enterprises were deemed inappropriate as it is not a legal entity, with individual penalties imposed instead. The court clarified that confiscation cannot be ordered twice under different clauses, reducing penalties and clarifying redemption fine amounts. Case-Laws Customs Tue, 17 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84472